SBA Communications Co. (NASDAQ:SBAC) Stock Position Cut by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in SBA Communications Co. (NASDAQ:SBAC) by 3.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 131,672 shares of the technology company’s stock after selling 4,382 shares during the period. Allspring Global Investments Holdings LLC owned 0.12% of SBA Communications worth $26,388,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC boosted its stake in SBA Communications by 4.3% during the 3rd quarter. CWM LLC now owns 3,079 shares of the technology company’s stock valued at $741,000 after purchasing an additional 127 shares in the last quarter. Exchange Traded Concepts LLC bought a new stake in SBA Communications in the third quarter worth about $80,000. Creative Planning raised its position in SBA Communications by 25.9% in the third quarter. Creative Planning now owns 8,985 shares of the technology company’s stock worth $2,163,000 after acquiring an additional 1,850 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in SBA Communications by 6.5% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,246 shares of the technology company’s stock valued at $2,948,000 after acquiring an additional 748 shares during the last quarter. Finally, Aaron Wealth Advisors LLC bought a new position in shares of SBA Communications during the 3rd quarter valued at about $261,000. 97.35% of the stock is currently owned by institutional investors.

SBA Communications Price Performance

Shares of NASDAQ SBAC opened at $205.37 on Friday. SBA Communications Co. has a one year low of $183.64 and a one year high of $252.64. The business’s 50-day moving average price is $203.51 and its two-hundred day moving average price is $220.88. The company has a market capitalization of $22.08 billion, a P/E ratio of 32.39, a price-to-earnings-growth ratio of 0.73 and a beta of 0.69.

Insider Activity at SBA Communications

In related news, EVP Mark R. Ciarfella sold 3,545 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $224.33, for a total value of $795,249.85. Following the completion of the sale, the executive vice president now directly owns 33,588 shares in the company, valued at approximately $7,534,796.04. This represents a 9.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Donald Day sold 2,321 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $203.43, for a total value of $472,161.03. Following the transaction, the executive vice president now owns 4,998 shares in the company, valued at approximately $1,016,743.14. This trade represents a 31.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently commented on SBAC. JMP Securities began coverage on shares of SBA Communications in a research note on Monday, January 27th. They set an “outperform” rating and a $250.00 target price for the company. Raymond James increased their price objective on SBA Communications from $285.00 to $300.00 and gave the company a “strong-buy” rating in a research report on Tuesday, October 29th. Barclays decreased their target price on SBA Communications from $257.00 to $254.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. TD Cowen increased their price target on SBA Communications from $251.00 to $261.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, BMO Capital Markets restated a “market perform” rating and set a $230.00 price objective (down previously from $260.00) on shares of SBA Communications in a report on Wednesday, December 18th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $252.29.

SBA Communications Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.